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posted Oct 30, 2019 4:28:48 PM

T5013 contains amount in Box 107, but Turbotax did not generate T776

My T5013 contains a negative amount in Box 107. The instructions say to enter this amount on line e of Form T776, and to report the income on line 126 of the T1. Turbotax did transfer the amount to the T1, but did not generate a T776. The only rental income I have is on the T5013. In this case, do I have to include a T776 with my return? Does the fact that the amount is negative affect anything?

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1 Best answer
Level 7
Oct 30, 2019 4:28:50 PM

No, you don't need a T776. The negative amount reduces your taxable income and thereby reduces your tax payable.

1 Replies
Level 7
Oct 30, 2019 4:28:50 PM

No, you don't need a T776. The negative amount reduces your taxable income and thereby reduces your tax payable.